Healthcare payment company InstaMed picks up $50 million in fundraising
Money will be used to grow the company's payment network, which links up with hospitals' existing IT systems.
Payment network InstaMed recently scored a $50 million investment from Carrick Capital Partners, which will be used to drive the growth of the InstaMed Network. The network processes tens of billions of dollars in healthcare payments annually.
The funds will also be used to drive further innovation in the company's healthcare payments technology. InstaMed's solutions are geared toward enabling providers and payers to manage their healthcare payments on a single platform, integrated into any IT system. The idea is that providers and payers can meet the challenges of consumerism while keeping up their security and compliance.
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Jim Madden, co-founder and managing director of Carrick Capital Partners, said in a statement that his company "recognized the value of (InstaMed's) unique single-technology platform, network effect business model and relentless focus on security and compliance."
Madden will join the InstaMed board of directors, and Chris Wenner, a vice president at Carrick Capital Partners, will become an observer to the board.
InstaMed President, CEO and co-founder Bill Marvin said the investment will drive growth and "enhance the healthcare payment experience."
Twitter: @JELagasse
